In a statement, Knights said: "The acquisition of Langleys is in line with the group’s strategy to accelerate its organic growth through carefully targeted acquisitions which are a strong cultural fit, with the firm’s real estate and corporate offerings being closely aligned with Knights’ existing services. Langleys has particular strength in private wealth, where there is significant growth potential.
"Langleys also operates a legal aid child law (CL) business within Langleys LLP and a volume residential conveyancing business through a subsidiary, Home Property Lawyers Limited (HPL), which have 5 and 64 fee earners respectively. These businesses are included in the transaction perimeter but are non-core to Knights and as such the strategic options for them will be reviewed."
Under the terms of the acquisition, Knights will acquire Langleys from its four existing equity partners on a debt free, cash free basis for a total consideration of £11.5m subject to working capital adjustments at the time of completion.
Commenting on the acquisition, David Beech, CEO of Knights, said: "We are delighted to announce the acquisition of Langleys, a leading firm that has a strong cultural fit with Knights and expertise closely aligned with our existing services. The acquisition sees us become the leading law firm in York and provides a strong base for organic growth in the East of England through Lincoln, as we continue to strengthen our position as the leading legal and professional service business outside of London.”
Tim Cross, Partner, Langleys commented: “Having built a strong reputation over a number of years, now is the right time to join Knights, whose growth journey we have followed in York and elsewhere across the regions. We believe Knights’ scale, ambition and ability to invest will enable us to unlock significant growth potential and we look forward to achieving this as part of a larger group.”
Earlier this month, Knights, which has an office alongside Channel 4 in the Majestic building in Leeds, said it was reviewing a growing pipeline of acquisition opportunities.
In May last year, Knights revealed it has the capacity to employ up to 300 people at its new office in Leeds.
Knights completed its move to the historic Majestic building in Leeds last year, which is also the new national headquarters of Channel 4.